FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (AUDUSD and USDCAD) for the day)
FxWirePro:EUR/NZD extends drop, critical support lies ahead
• EUR/NZD declined on Wednesday as traders weighed up an uncertain economic outlook.
• At GMT 16:16, the pair was trading 0.26% lower at 1.6512 after hitting daily low at 1.6474.
• EUR/NZD is probing support zone, break lower risks run towards 1.6400 level
• Technical signals are bearish as RSI is at 38, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6583 (9 DMA), any close above will push the pair towards 1.6641 (50% fib).
• Immediate support is seen at 1.6474(38.2% fib) and break below could take the pair towards 1.6401(Lower BB).
Recommendation: Good to sell round 1.6520, with stop loss of 1.6600 and target price of 1.6450